GBPAUD: Retesting Broken Support
Update: Haven't shorted this one, as there were no clear signal over the four-hour time interval.
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This is not a forecast or a trade, I am just highlighting the technical developments for the pair, trying to show you how i spot my trades.
The pair rebounded sharply of the descending support for the potential falling wedge pattern. The price is currently retesting the previously broken major support, which should turn to a resistance now. and therefore, monitoring for bearish price action is a good idea at this resistance, at least for scalping some pips, i.e. i will be looking for four-hour bearish candle such as a shooting star or a long-legged doji to initiate a short. I will be updating with a setup if materialized.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
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This is not a forecast or a trade, I am just highlighting the technical developments for the pair, trying to show you how i spot my trades.
The pair rebounded sharply of the descending support for the potential falling wedge pattern. The price is currently retesting the previously broken major support, which should turn to a resistance now. and therefore, monitoring for bearish price action is a good idea at this resistance, at least for scalping some pips, i.e. i will be looking for four-hour bearish candle such as a shooting star or a long-legged doji to initiate a short. I will be updating with a setup if materialized.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
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